MQR is short for "minimum qualifying rate" or "mortgage qualifying rate."
The minimum qualifying rate is a bank regulator policy. It's the rate that federally-regulated lenders must use to qualify borrowers. In other words, borrowers must prove they can afford a mortgage at a rate equal to the MQR, which, as of 2024, equals the greater of:
- 5.25%, or
- The mortgage contract rate plus 200 basis points.